SUPPORT PACKAGE FOR MICRO AND SMALL BUSINESS

The Australian and NSW Governments have announced new measures to support small businesses during the current NSW lockdown.

These include:

Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover

A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week

$1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover

Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses that have suffered a 30% revenue decline

A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants

Up to 100% land tax concessions for commercial landlords who provide rent relief

A $75 million support package for the performing arts sector to be administered by Create NSW

A support package for the accommodation sector worth $26 million

An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas

Expanded mental health services with programs targeted at young people and CALD communities

The support measures announced again emphasise the importance of small business to the NSW economy and our communities.  

The Small Business Commission will continue to provide key support services during this difficult time which include mediation services to help resolve disputes. 

Further details on the Government’s support package, including eligibility, will be available at https://www.service.nsw.gov.au/covid-19-business-support-2021

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